Startup to buy five 777s

  • By Bryan Corliss / Herald Writer
  • Friday, September 10, 2004 9:00pm
  • Business

Etihad Airways of the United Arab Emirates has signed a preliminary agreement to buy five 777-300ERs from the Boeing Co.

The deal, when finalized, will be worth between $1.1 billion and $1.2 billion at list prices, although it’s likely the airline received a discount.

All five of the Everett-built jets will be delivered next year, starting in October, the airline said.

Etihad is a startup airline trying to compete with Emirates airlines of Dubai to connect Europe and Asia through hubs in the Middle East, while also developing tourism in the region. The airline started operations in November with a fleet of five Airbus jets.

The airline placed a $7 billion order for new jets with Airbus at the Farnborough Air Show this summer. This is its first Boeing order.

“It’s always exciting when we establish a working relationship with a new airline,” said Lee Monson, Boeing’s vice president of commercial jet sales for the Middle East and Africa.

Etihad’s chairman, Sheik Ahmed bin Saif al-Nahyan, told Reuters that the airline will use the plane to expand its route network into North America and Asia. The planes can carry up to 365 passengers up to 8,500 miles, giving it the range to fly from the Middle East to Los Angeles or New Zealand.

“This airplane fits so well with our fleet objectives for expansion,” Saif said.

The 777-300ER is the newest in Boeing’s 777 family. It was rolled out in November 2002 and first entered service with Air France in April.

Boeing so far has 76 firm orders for the model. In addition, Singapore Airlines said in August that it planned to order 18 of them, to be delivered between 2006 and 2010. That deal has not been completed.

Etihad has also thought about buying Boeing’s new midsized 7E7 jet, but didn’t want to wait until 2008, when the airplane is scheduled to go into service, the Associated Press reported.

Reporter Bryan Corliss: 425-339-3454 or corliss@heraldnet.com.

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